City National touts ILW fund

City National Bank subsidiary City National Rochdale has started
marketing a new fund that will seek investments related to industry
loss warranties (ILWs).
The asset manager has partnered with Bermudian reinsurer Iris Re
to launch the City National Rochdale Select Strategies Fund, which
has a target of raising $500mn during the first two years.
It is planning to invest in both ILW and cat bonds, with 70-80
percent of the fund being allocated to ILWs and 10-20 percent to
cat...